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Perspective in the Middle of Uncertainty

Perspective in the Middle of Uncertainty

| June 01, 2020
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Over the last 75 days, we have certainly been challenged on our personal perspective, about who we are, what we hold dear, and what we value. Our patience and our fears have been tested, mostly due to the uncertainty of what's next. As a consultant, planner, and financial advisor, much of the work we've done in this time has been loosely based around managing emotions, client expectations, and finding certainty amongst uncertainty. 

Our team has worked hard to communicate with our clients, the employers that we represent, and the families that we help. We've made changes in investment portfolios and allocation, and provided advice and guidance on issues like PPP, economic development loans, furloughing employees, and the continuation and grace period of insurance policies. 

We, too, have personally been tested while working from home, and dealing with the cancelation and disruption of our future. What's become clear for us is the need to identify and feel secure in our perspective and values. In the midst of uncertainty, it's easy to be scared and lose sight of what’s most important to us.

Through finding our new normal we have come to realize that our stress, or much of our stress, is self-imposed. It’s losing the present moment to worry about the future. Trying to make decisions, especially those revolving around protecting your family, planning for their future, investing, providing jobs and benefits to families, can create fear and make us we lose track of what's most important. What I value most are relationships, communication, and honest opportunities for connection.

In the past, our connections were in person through handshakes and hugs, and through meetings. Not that we didn't want to communicate through virtual technology and text messaging, but when the choice of in person connection is taken away, we feel stress. Uncertainty and stress can lead to emotional decision-making. As an advisor to people we help manage stress and bring perspective back into focus. 

We will become used to the new normal as we did in ‘96, ‘01, ‘08. This fear will pass. While it's difficult to understand, or even comprehend while you're in the middle of it, it certainly will. As we make or have conversations with people regarding their financial future, we believe what's most important is to get back to the basics, to define what's most important to you, and to identify your goals and your fears. It’s important to make sure that you're making conscious, deliberate decisions that make sense long-term. While we don’t always make the correct decision, we try to make the best possible decision at the time, with all the information we have.

Our team has been working hard to support grounded, long-term decision making. It's hard to use positive analogies during a crisis, but we are optimistic and hopeful about the changes to come. We're excited to find our new normal, to learn new ways to connect and build community, and to thrive within these confines and constructs. We will have human connection, and we will focus on the future, opportunities, and growth. We're here to guide, plan, grow, and protect you, your family, your wealth, and your businesses.

Provided by Mark Modzeleski, President, Legacy Wealth Advisors of NY

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